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Tethys Petroleum incurs huge losses in 2015

Tethys Petroleum incurs huge losses in 2015 Energy

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The losses of the Tethys Petroleum Limited in 2015 stood at $74.6 million as compared to $16.4 million in 2014, said the company in a message posted on its website March 31.

Tethys Petroleum Limited is an oil and gas exploration and production company currently focused on Central Asia and the Caspian region with projects in Kazakhstan, Tajikistan and Georgia.

The company’s losses have grown due to increased depreciation, depletion and amortization (DD&A).

Gas revenue increased by 98 percent and stood at $16.2 million following completion of a shallow gas development program in late 2014 and significantly improved pricing from January 2015.

However, the increase was more than offset by a reduction in oil revenue to $5.9 million from $18.9 million due to lower production and a more than halving of realized prices.

The company’s total assets have decreased from $238.69 million to $190.59 million in a year.

Tethys Petroleum significantly reduced its expenses in 2015: administrative and business development expenses were reduced by 51 percent; headcount has been reduced by 24 percent since Q4 2014 contributing to a staff costs reduction of 50 percent.

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Tethys Petroleum incurs huge losses in 2015 Tethys Petroleum incurs huge losses the caspian sea map of caspian sea caspian sea lake caspian sea river caspian sea monster caspian sea oil caspian sea iran caspian sea countries caspian sea iran Caspian Sea fish Photo of the Caspian Sea Caspian Sea map Caspian Sea Caspian Sea depth Caspian Sea sturgeon of the Caspian Sea Khezer_Shahr Caspian Sea Caspian oil seport of Amirabad seport of Port Anzali Mazandaran Gilan, Golestan Babolsar Tourist North Country Dodangeh Chahardangeh the Khazars the people of the Khazars Caspian people Sea of Qazvin Khazarabad Caspian sea coast Caspian Sea legal norms Caspian environment pollution of the Caspian Sea Caspian oil gas of the Caspian Sea Caspian Sea issues the legal system of the Caspian Sea Iran's share in Caspian legal aspects of the Caspian Sea environment of the Caspian Sea the importance and status of the Caspian Sea Caspian to the Persian Gulf connection National Institute of Oceanography features of the Caspian Sea Caspian Shipping Company Caspian Sea level Iran Russia Kazakhstan Azerbaijan, Turkmenistan fishing in the Caspian Sea Caspian Sea weather transport in the Caspian Sea Caspian Sea News marine transportation in the Caspian Sea region the Iranian islands in the Caspian Sea the scaffolding factory and shipyard Caspian ecological Institute of Caspian Sea Caspian Sea Shells in nitrate and phosphate important rivers of Caspian Sea Caspian sea basin mammal of Caspian Sea Caspian oil Company Caspian Sea water transfer babol Amol northern tourist areas the forests of the north spectacular Photos of Mazandaran Mazandaran forests gilan forests images of Mazandaran forests Falls river forest Institute for Caspian Sea Caspian Sea level fluctuations Black gold caviar stellate sturgeon Hotels tourism Tourist iran tourism Russia tourism Azerbaijan tourism Caspian sea people political event event lawyer export import goods export goods import environment war military political economic economy